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China reports current account surplus in H1

Updated: Aug 09,2019 07:22 PM    Xinhua

BEIJING — China reported a current account surplus of $106 billion in the first half of 2019.

The reading equals 1.6 percent of the country's gross domestic product, data from the State Administration of Foreign Exchange (SAFE) showed.

Goods trade posted a surplus of $222.8 billion during the period, while service trade reported a deficit of $129.3 billion, narrowing by 12 percent year-on-year.

"It is expected that China's current account will remain in a reasonable range throughout the year, maintaining a modest surplus, and the international balance of payments will maintain a basic equilibrium," said Wang Chunying, SAFE spokesperson and chief economist at a press conference.

China's economy is expected to maintain stability with further opening-up measures, and liberalization and facilitation of trade and investment will see further improvement, Wang noted.

The SAFE data also showed that China's nonreserve financial account continued to see net inflows in H1. Direct investment posted a surplus of 33.6 billion dollars, while securities investment also reported a surplus.

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